With the U.S. House Committee on Financial Services holding a hearing this week on the National Flood Insurance Program (NFIP), Florida Chief Financial Officer (CFO) Jimmy Patronis urged federal leaders to reauthorize the Florida subsidized program.
CFO Jimmy Patronis said, “With less than three months until Hurricane Season begins, Congress must act to reauthorize the National Flood Insurance Program. Flooding isn’t just a hurricane season problem: the aftermath of Hurricane Michael continues to trigger flooding for parts of Northwest Florida because debris has clogged rivers. Florida is a top donor state to NFIP, and floods have cost our state approximately $5.1 billion over the last 40 years. This program is critical to protect our residents and economy.
“Reauthorization of the NFIP is important, but other states can’t continue their bad building practices in high-risk flood areas. Adopting robust mitigation policies like Florida’s pave the way for a healthy private flood insurance market. When options exist in the market, consumers are on the winning side.”
About CFO Jimmy Patronis
Chief Financial Officer and State Fire Marshal Jimmy Patronis is a statewide elected official and a member of Florida’s Cabinet, who oversees the Department of Financial Services. CFO Patronis works each day to fight insurance fraud, support Florida’s firefighters, and ensure the state’s finances are stable to support economic growth in the state. Follow the activities of the Department on Facebook (FLDFS) and Twitter (@FLDFS).